It goes without saying, the job market has undergone considerable transformations and faced numerous obstacles in recent years. As the economy grapples with the lingering consequences of the COVID-19 pandemic, small businesses in Massachusetts are confronting various challenges related to recruiting and retaining staff in the face of looming economic uncertainties.In an effort to provide … [Read more...]
What Can Small Businesses Do Now To Prepare for a Recession?
In our previous article, we reviewed if a recession is on the horizon for small business owners. In this article, we take a look at what small business owners can begin doing now to prepare for a recession. Start With Planning and Budgeting One way to ease uncertainty and plan for a recession is to determine how a recession will impact business operations. Do this by: Creating a budget now … [Read more...]
Is A Recession Inevitable?
Over the past two years, small businesses have weathered a global pandemic, a supply chain crisis, labor shortages, and increasing costs due to inflation. Now, the next hurdle for small businesses lies ahead - a very possible recession. The Current State of Monetary Tightening After having been late to address inflation when it gained momentum last year, the Fed has slammed on the monetary … [Read more...]
How To Retain and Hire Employees During the Great Resignation
In a previous post titled, Why Are Employees Quitting During the Great Resignation?, we discussed whe employees are leaving there jobs in record numbers. In this post we discuss how this unprecedented number of people quitting without taking another similar job is having an enormous impact on the labor supply. All organizations and businesses must act to retain their current employees and to … [Read more...]
Why Are Employees Quitting During the Great Resignation?
One of the ongoing puzzles of the pandemic economy is the ongoing labor shortage. Business owners continue struggling to find workers amid the so-called "Great Resignation." However, this is not the first time the labor market has undergone a massive change, but the number of people quitting without taking another similar job is drastically different from previous workforce shifts both in … [Read more...]